Bookkeeping

Back to: AGRICULTURAL SCIENCE JSS3

 

Welcome to class! 

In today’s class, we will be talking about bookkeeping. Enjoy the class!

Bookkeeping

CONTENT

• Meaning of BookKeeping
• Source Document
• Journals

Meaning of bookkeeping

This is the act of recording a business transaction systematically so that the books will show at any time the exact state of their owners affairs.

Source document:

They are those documents that form the source of bookkeeping records. They are documents of initial transactions from which bookkeeping records are made or kept.

Evaluation

1. What is Book Keeping?
2. What are source documents?

Types of source documents

1. Sales Invoice: These are outgoing invoice.
2. Purchase Invoice: These are incoming invoice issued by the creditors or suppliers.
3. Receipt: This is evidence of cash payment.
4. Voucher: This is the evidence of payment or receipt with a brief detail in respect of the transaction.
5. Credit note: This is sent to inform the receiver that this account is credited as a result of an overcharge.
6. Debit note: It shows that the receiver’s account is debited as a result of undercharging etc.

Journals:

These are the books of original entry, that is, where a transaction is first recorded before they are transferred to the ledger. They are also called the subsidiary books or books of prime entry. They can be listed as follows,

1. Cashbook/Cash account
2. Sales book / Sales daybook/Sales Journal
3. Purchases book/purchases day book/Purchase journal
4. Return inward book / Sales return book / Sales return journal
5. Purchases returns book/return outward book/Return outward journal
6. General journal /Principal journal / Journal proper

General evaluation

1. What is Book Keeping?
2. What are source documents?
3. List five examples of a source document.
4. What is an advertisement?
5. What is packaging and list any two examples?

Reading assignment

Junior Secondary Agricultural for Nigerian Schools 3 by Anthony et al chapter 1, Pages 1-7

Theory

1. What is bookkeeping?
2. List five source documents and state their uses.

 

In our next class, we will be talking about the Farm account.  We hope you enjoyed the class.

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